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Core Viewpoint - The Danish pension fund's decision to sell U.S. Treasury bonds has triggered a significant upheaval in the U.S. financial markets, indicating a deeper financial decoupling between Europe and the U.S. [1][3][6] Group 1: Market Reactions - On January 20, 2026, major U.S. stock indices experienced substantial declines, with the Dow Jones dropping by 1.76% and the Nasdaq falling by 2.39% [4] - The U.S. dollar index lost 1% in just two days, reflecting the market's panic [4] - Bitcoin also suffered, dropping below $90,000, highlighting the widespread impact of the financial turmoil [6] Group 2: Underlying Causes - The Danish pension fund, despite its relatively small size of $25 billion and holding only $10 million in U.S. Treasuries, managed to push the 10-year Treasury yield above 4.3%, disrupting market stability [9] - This move signals a growing distrust among European investors regarding the U.S. government's fiscal health and credit risk, suggesting that the U.S. is losing its status as a global safe haven [11][13] Group 3: European Response - Europe is preparing to initiate a "financial decoupling" phase, as evidenced by various measures including the promotion of the "Anti-Coercion Instrument" and potential tariffs on U.S. goods [15][19] - Germany and the UK have taken significant actions, such as Germany's €3 billion subsidy to the Chinese electric vehicle sector, indicating a shift in alliances [20][22] Group 4: Strategic Implications - Europe can achieve a "soft exit" from U.S. Treasuries by halting new purchases and not rolling over maturing bonds, which would create significant financing pressures for the U.S. Treasury [25] - If major European investors like Norway's sovereign fund and the Swiss National Bank begin to reduce their holdings in U.S. equities, it could lead to a collapse in tech stock valuations, further destabilizing global markets [26] Group 5: Future Outlook - A coordinated European response, potentially involving a multi-billion dollar countermeasure list, could lead to a severe credit crisis for the U.S., challenging the dollar's dominance [28] - The actions of the Danish pension fund serve as a pivotal moment, indicating a shift in European sentiment towards the U.S. as a financial safe haven [30] - Continued U.S. policies, such as Trump's interest in Greenland, may further alienate European allies and exacerbate global economic instability [32][33]